Top 3 Price Prediction Bitcoin, Ethereum, XRP: Altcoins to outperform leading cryptos


  • Bitcoin price at risk of a deeper push south as upside potential is limited.
  • Ethereum price develops a bull-trap pattern, warning of some continued weakness.
  • XRP price may find some bullish momentum due to a key Ichimoku time-cycle.

Bitcoin price faces a double-bottom pattern on its $1,000/3-box Reversal Point and Figure Chart hinting at a substantial drop ahead of the Thanksgiving weekend. Ethereum price filled a prior gap between the bodies of the weekly candlesticks and the weekly Tenkan-Sen, but downside risks remain. XRP price may begin a new swing higher because of a Kumo Twist.

Bitcoin price faces -16% drop ahead of Thanksgiving holiday and weekend

Bitcoin price has developed a double-bottom on its Point and Figure chart, creating a short opportunity for the bears. The hypothetical short entry is a sell stop order at $55,000, a stop loss at $59,000 and a profit target at $42,000. While the Vertical Profit Target Method in Point and Figure Analysis projects an actual target of $37,000, likely, the neckline (black diagonal line) of the prior inverse head-and-shoulders pattern will act as support.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

Bulls could invalidate the near-term bearish bias by pushing Bitcoin price to a close above the former 100$ Fibonacci expansion level at $63,000. From there, a renewed push to all-time highs would likely commence.

Ethereum price likely to face continued weakness

Ethereum price, like Bitcoin, shows signs of continued weakness ahead. A bear trap pattern is in development on Ethereum’s $25/3-box Reversal Point and Figure chart. This pattern can create substantial selling pressure as late-term buyers inevitably turn into sellers as prices accelerate their movement south.

ETH/USD $25/3-box Reversal Point and Figure Chart

The theoretical short entry is a sell stop order at $4,050, a stop loss at $4,150 and a profit target at $3,300. However, the weekly Tenkan-Sen (not shown) is at $3,800 and could limit any further downside pressure for Ethereum. Therefore, any daily close above $4,400 would invalidate the short trade idea.

XRP price could lead altcoins to outperform Bitcoin and Ethereum

XRP price has undoubtedly had a bearish past two weeks. From the November 10th swing high, XRP is down over 24%. However, the Kumo Twist coming up on November 24th could end that downtrend and move higher. Kumo Twists, when Senkou Span A crosses above or below Senkou Span B, are often periods where significant major and minor swing highs and lows are found.

XRP/USDT Daily Ichimoku Chart

XRP price would need to close at or above the $1.19 value are to return to a bullish market. From there, XRP is poised to begin its run above the $2.00 value area. However, if XRP remains below the Cloud ($1.05) throughout the week, a steep drop towards $0.84 is next.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price to pull a 180 as Ripple bulls come out of the woodwork

XRP price lacks volatility as it trades close to a crucial support level. While a major reason for this is its correlation with Bitcoin, a part of it also arises from the lack of interest among the investors for this coin. There is a good chance Ripple could see a brief uptrend that pushes it toward the immediate resistance barrier.

More Ripple News

MATIC price gives bulls another opportunity to undo recent losses

MATIC price has seen an increase in selling pressure that has undone most of its gains from the last week. The retracement has knocked Polygon down to a stable barrier that is likely to sustain the incoming bearish momentum, allowing bulls to make a comeback.

More Polygon News

Crypto.com upside limited to $0.54 as CRO faces multiple hurdles

A brief technical and on-chain analysis on Crypto.com price. Here, FXStreet's analysts evaluate where CRO could be heading next.

More Crypto.com News

Google prepares for a foray into crypto, plans to expand payment division

Google is planning to enter into the cryptocurrency space as the firm has hired a former PayPal executive to lead its payment division. The multinational technology company is laying out a broader strategy to team up with a wider range of financial services including digital assets.

More Cryptocurrencies news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP